Tips on how to start a business and have a successful one?

[BORGUSX]

1.Why do I need to fear outsourcing?

2.Are you guys saying that I might have to outsource the manufacturing of the products that I am trying to sell?

3.How much do I need to know about accounting and taxes,since I mean people rely solely on their accountant because their job is accounting,lol?

My idea is to open a online store that sell a clothing line that are made in the U.S.,but not in one of those U.S. terrorities,since some clothes has the Made In The U.S. label. The thing is that the labor laws doesn't apply the same way to the U.S. terrorities as much as it do to the mainland.

The label will have something like Made In Minnesota,United States or something along the lines.

I know for sure that the clothes would cater to the people that are anti-sweatshop.

I might have an overhead in the future,but my best bet is to have an online store for now.

What sources do you guys recommend to making a website from scratch?

How do I find the right people to help me out,since is it alright if I just started to e-mail some business professors,even though I am not in college?

[f_m]

Originally Posted by BORGUSX

My idea is to open a online store that sell a clothing line that are made in the U.S.,but not in one of those U.S. terrorities,since some clothes has the Made In The U.S. label. The thing is that the labor laws doesn't apply the same way to the U.S. terrorities as much as it do to the mainland.

There are already people doing this, so you should study very hard what they are doing and if what they do is successful.

[bale002]

Originally Posted by BORGUSX

3.How much do I need to know about accounting and taxes, since I mean people rely solely on their accountant because their job is accounting, lol?

Laughable indeed. You are joking, right? "Put no trust in men, all men are liars."

You need to know everything about accounting and taxes that pertains to your situation, and then advise your accountant.

Look, at your level, you will probably not be able to afford a truly competent accountant/tax accountant with your best interests in mind whom you've known, or someone you trust has known, for many years (and even then, don't be so sure).

Look, I don't even trust the guy who cuts my lawn. In fact, I will fire him as soon as I can.

[carolac]

You might consider starting with SCORE | Counselors to America's Small Business | SCORE. This is an organization made up of executives, generally retired, who have been successful in all types of businesses and give counseling and advise to all types of businesses at different levels. I bounce ideas off them all the time. Most recently, due to the economy, we stepped up our marketing. I contacted them to lay out our plan, all by e-mail, and the counselors provided awesome advice. Another time we wanted to market a certain group of businesses, but had heard some discouraging things about this. We decided against it after getting advice from a SCORE counselor and doing additional research for our area.

Also, irs.gov has a lot of tax information you'll need as a start-up.

[TXCountryBoy]

Go google score, they will help you set up a businees plan. Most state have this service for free. You just need to find a city.

[BORGUSX]

I know that you would probably need to hire an accountant if one day,you cannot manage your finance from your business.

1.Then,how would you know if your accountant is trustworthy with your money?

I cannot imagine what are the checks on crooks in a big business such as SONY or so on...

The people that sign on your paycheck.

I want to start a business some day,but I need to know what I need to do to ensure that the people that I work with aren't crooks.

[TXCountryBoy]

Use QB payroll, Save time, money and know it is done right.

[mbuszu]

Hire a good CPA to do your taxes from the beginning. Get one who will meet with you in person at tax time to go over everything. Also ensure the CPA you hire has small business experience and knowledge. Best yet, if you have employees go with one who also has capability of handling payroll taxes (if not a CPA you should be able to find a Payroll Service provider to do this separately).

Understanding and keeping up with the current US taxcode is very challenging. Although not rocket science, if you make a mistake in what you calculate and the IRS or State Agencies catch it, you will have fines and lots of paperwork. If on the other hand you make a mistake in how you optimize your tax deductions, you'll likely cost yourself hundreds to thousands of dollars in overpaid taxes.

A decent CPA will always pay for themselves. A great CPA will not only pay for themselves but will help you make money.